Kriptokill

$BTC Let's patiently analyze the correct moves Towards the main trends that make the price action move, a small bearish correction is being seen on a smaller scale, I will say, let's hope it continues to do so so that the price goes up and does not go down and even if it goes down, let's buy more, avoid the they screw you

$BTC Bitcoin Price Forecast Short-Term
Updated August 8-9, 2024

Bitcoin has found support at a crucial price level and is now recovering from last week's drop. However, the cryptocurrency's volatility is decreasing. Is this a problem or could Bitcoin continue its bullish path? Let's examine the charts.

How is Bitcoin doing after the drop?

To get a clear picture of Bitcoin's recovery and current trend, we first look at the daily chart. Each candle represents 24 hours, which gives us enough information to analyze the price action.

The chart shows several important aspects. There is a large red zone that acts as support, two blue circles that highlight previous reactions, and blue arcs that indicate the long-term trend (currently showing decreasing highs and lows).

After last week's drop, Bitcoin found support in this red zone, a point that had already triggered significant reactions before (as indicated by the blue circles). Since then, the cryptocurrency has risen by 17%, but the question is whether this trend will continue.

Bitcoin is currently in a downtrend, as shown by the blue arcs, and is having a hard time breaking through the resistance at $57,700. To better understand this situation, we need to take a very detailed look at the price.

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🟢 $BONK: Token burn at 74%! A 300% increase is projected soon 🟢

The BONK community has approved a proposal to burn 84 billion tokens from the project's treasury. This measure seeks to reduce the circulating supply and increase the scarcity of the cryptocurrency, with the expectation of improving its long-term value and potentially driving its price to new heights.

The announcement has already caused a 40% increase in price, accompanied by a significant increase in trading volume and discussions on social networks. This reflects strong community support and positive sentiment towards token burning.

This is not the first time BONK has implemented a token burn. In April, the community approved a burn of 278 billion tokens, which also resulted in a price increase. This recurring strategy demonstrates the project's commitment to maintaining a healthy and sustainable economy.

The token burn is expected to have a positive impact on BONK market dynamics, with possible benefits such as:
- Increased scarcity, raising demand and prices.
- Reduction of sales pressure, allowing more stable price growth.
- Improved long-term value, attracting more investors and users.
- Greater community support, fostering a more solid ecosystem.

With the token burn approaching, investors and enthusiasts are anxiously watching how the market responds. Will $BONK reach its ATH soon? Only time will tell, but the signs are certainly promising.

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